BB&T to consolidate banking subsidiaries

GabrielMadway

SAN FRANCISCO (MarketWatch) -- BB&T Corp.
BBT, -2.19%
said Friday it plans to merge its banking units, BB&T of Virginia and BB&T of South Carolina, into Branch Banking and Trust Co., the corporation's main banking subsidiary. The merger is expected to be complete by year-end. Winston-Salem, N.C.-based BB&T said in a statement that the consolidation will "reduce operating expenses, improve efficiency and ease the regulatory burden of operating three banking subsidiaries."

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